The Authors of the Text Claim That a Company Might

question 42

Essay

The authors of the text claim that a company might actually benefit when one of its employees uses statistics incorrectly.How can this be?

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Definitions:

Bootstrap Resamples

Sampling method involving repeatedly drawing samples, with replacement, from a dataset to estimate the distribution of a statistic.

P-value

The likelihood of seeing a test statistic as extreme or more extreme than the one measured, assuming the null hypothesis holds.

Bootstrap Distribution

A data-driven simulation method for estimating the sampling distribution of an estimator by resampling with replacement from the original data.

Small Sample

A subset of a population used in statistical analysis that is considered to be too small to reliably indicate properties of the population.